Name: Sabert Jorolan Year Level: 11

Instructor: Mr. Jian Kutungan Date: March 28, 2023

Name of the Activity: Paraphrasing and Direct Quoting Word Count:463

House bill 6608

The House of Representatives on Monday opened the period of sponsorship and debate
on House Bill 6608 which would establish the Maharlika Investment Fund (MIF), provide for the
management, investment and use of the proceeds of the fund, as well as appropriate funds
therefor. In his sponsorship speech, Committee on Banks and Financial Intermediaries
Chairman Rep. Irwin Tieng (5th District, Manila) said HB 6608 proposes the establishment of
MIF by investing national funds that adhere to the principles of good governance, transparency
and accountability. “Initially, the funds will be sourced from the investible funds of select
government financial institutions (GFIs), the Bangko Sentral ng Pilipinas and other sources of
funds as provided. “By pooling the investible funds from GFIs and channeling these to
diversified assets and financial assets and development projects, such as real estate, and
infrastructure, it contributes to a prudent and transparent management of government
resources,” Tieng said. He explained that when the bill was referred to the House Committee on
Banks and Financial Intermediaries, several amendments were introduced. These included: 1)
change in capitalization and funding which shall be sourced from the Land Bank of the
Philippines and the Development Bank of the Philippines, 2) change in the Board composition
wherein the Secretary of Finance shall sit as the Chairperson and adding more independent
directors from the private sector, 3) the Maharlika Investment Corporation shall be exempted
from the GOCC Governance Act of 2011 except Sections 15, 19, 25, and 26 on fudiciary duties of
the Board and officers, 4) full disclosure and audit, and 5) removing the exemption from the
Philippine Competition Act among others.MANILA, Philippines — The proposed Maharlika
Investment Fund (MIF) under House Bill (HB) No. 6608 may be approved on the third and final
reading today, December 15, if it is certified as urgent by President Ferdinand Marcos Jr.This

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was according to the Makabayan bloc of the House of Representatives, noting that the period
of interpellation on the proposed measure ended Wednesday, and the last session day of the
lower chamber could be Thursday even if the House calendar states its recess will be on
December 17 .Normally, a bill passed on the second reading would need three session days —
not just three calendar days — for it to be voted upon on the third and then final reading. But a
President’s urgent stamp on a bill could warrant a swifter process where a second and third
reading approval may be done on the same day.“This is the last day of session for the year 2022
before we go on a recess. Deliberations and debates on the Maharlika Investment Fund bill
have been finished; it is set to be passed on second reading today,” Alliance of Concerned
Teachers (ACT) Party-list Rep. France Castro said in Filipino.